Donna probes
RESULT
Would you take a long drive to somewhere you’ve never been without the guidance of your GPS to help you with the route?
The same type of question applies to anyone looking to start a business. Investing time and money in a new business with no calculated route is something like pin the tail on the donkey.
December is the month of the National Business Plan. This is a time to underline the importance of having a good plan if you are one of those brave individuals who wants to leave the W-2 world of work and pave a path to independence as an entrepreneur.
Let’s be honest. Working for someone else often has its limits. Earning opportunities are sometimes limited. The scenario of working your way up and retiring after 40 years with a good pension from the same company is a rarity these days.
There’s a country song by Hoyt Axton that goes like this, “Do you work your fingers to the bone and what do you get? … bony fingers! “
Well, unfortunately, this is the plight of many service and middle management employees. And this is especially true now as the effects of labor shortages are felt on the loyal workers who crop up every day. These people work harder than ever.
So where does an entrepreneurial thinker start when he wants to break out?
The first step is a good idea for a business venture. Then comes the detective phase, in which you find out everything about the industry and research things like: Is this a good time to get into the industry? What other stores are there? Who will your competitors be? Who will buy your product or use your services? How much does it cost to start such a company? What loans are there to help with financing?
Then comes the most important component – a good business plan. This will summarize all of the research you have done. And just like your GPS, it helps you get to your desired destination.
Along with planning a course, it will help you identify all the strengths, weaknesses, opportunities, and threats associated with your idea. It will help you find ways to overcome potential obstacles on the way to starting your business.
Fortunately, writing a business plan no longer takes months to create a 60-page document. There are easier, faster, and more visual approaches to making decisions, calculating numbers, and getting your ideas down on paper
SCORE has several different templates. My favorite is one that comes from the Small Business Development Center. It’s an easy-to-use template with a simple approach to filling in the blanks. This is one of the many resources SCORE provides to help entrepreneurs who have great ideas but don’t know where to start.
SCORE mentors can support you on your way to independence.
Donna Probes, MBA, was a small business owner for 10 years. She is retired from the Traverse City Area Chamber of Commerce and works as a SCORE mentor and professional musical performer. For information on SCORE visit upnorthscore.com.
